For most businesses, staff time is by far a company's most valuable resource. Finding ways to liberate that time saves money and enables you to redirect priceless staff energy to other value-added tasks. Business invoice scanning is a top time-saving candidate. Consider the following ways that this tool can make your invoice input, payment, filing, and searching faster than ever.
1. Automated input -
Automated data extraction is one of the key benefits of invoice scanning. With advanced technology, invoice scanning software can automatically extract important data from invoices, such as invoice numbers, dates, vendor information, and line item details. This eliminates the need for manual data entry, saving your staff countless hours of tedious work. By automating the data extraction process, you can ensure accuracy and reduce the risk of errors that can occur with manual data entry.
Furthermore, automated data extraction enables faster processing of invoices. Instead of manually inputting data, your staff can focus on more value-added tasks, such as reviewing and approving invoices. This not only saves time but also improves overall efficiency and productivity.
2. Accounts payable integration -
Once business invoice information is digitized, it is ready for use in automated accounts payable processes. With rules you establish, your software can match invoices to their related purchase orders and automatically approve and send payment. Only exceptions and mismatches are diverted to a staff member for review and approval, so staff time is only used when human judgment is needed.
3. Virtual filing -
While a hard copy document can only be filed in a single location, with digital you can save an unlimited number of business invoices virtually. Without having to make copies or file by hand, staff time is freed to focus on value-adding work, instead of moving pieces of paper around.
4. Lightning-fast search -
With critical data fields indexed once scanned, finding business invoices is less painful than ever. A simple search by vendor or invoice number is as easy as typing in the name you seek, while advanced search capabilities can filter out similar but unwanted documents to return the exact invoice you need. Narrow your search by date, invoice amount, or any other field you designate.
When it comes to developing strategies to save staff time, the best candidates are processes that are frequent, repetitive, and rule-based. By automating input, integrating with accounts payable, filing digitally, and searching quickly, business invoice scanning fits the bill perfectly. Contact us today to implement invoice scanning at your office.